Performance Report: Frazis Fund

24 Jul 2020 - Australian Fund Monitors

The Frazis Fund rose +13.9% in June, outperforming AFM's Global Equity Index by +14.25% and taking performance over FY20 to +38.81% against the Index's +3.94%. Since inception in July 2018, the Fund has returned +8.64% p.a. against the...

24 Jul 2020 - Performance Report: Frazis Fund

By: Australian Fund Monitors

Report Date	24 July 2020
Manager	Frazis Capital Partners
Fund Name	Frazis Fund
Strategy	Equity Long/Short
Latest Return Date	June 2020
Latest Return	13.90%
Latest 6 Months	25.25%
Latest 12 Months	38.81%
Latest 24 Months (pa)	8.64%
Annualised Since Inception	8.64%
Inception Date	01 July 2018
FUM (millions)	AU$13.5
Fund Overview	The Frazis Fund is a thematic long/short global equity fund, with a macro overlay. The portfolio pairs high conviction, concentrated, long-term equity investments, with asymmetric, proprietary hedging strategies, to create a unique and highly differentiated return profile. The manager follows a disciplined, process-driven, and thematic strategy focused on five core investment strategies: 1) Growth stocks that are really value stocks; 2) Traditional deep value; 3) The life sciences; 4) Miners and drillers expanding production into supply deficits; 5) Global special situations; The manager uses a macro overlay to manage exposure, hedging in three ways: 1) Direct shorts 2) Upside exposure to the VIX index 3) Index optionality
Manager Comments	The Frazis Fund rose +13.9% in June, outperforming AFM's Global Equity Index by +14.25% and taking performance over FY20 to +38.81% against the Index's +3.94%. Since inception in July 2018, the Fund has returned +8.64% p.a. against the Index's annualised return of 7.77%. The Fund's up-capture ratio of 170.31% since inception highlighted its capacity to significantly outperform in rising markets. Of the top 10 ASX stocks over FY20, the Frazis Fund had 3 - Afterpay (#1), Mesoblast and Polynovo. Frazis noted companies with brilliant products and broad customer support are faring significantly better than mature incumbents. Frazis believe there is a strong chance Afterpay will enter the Chinese market with Tencent, or at the very least, Hong Kong, which they expect would add years to the company's current growth runway. Other positive contributors over the quarter included Pinduoduo, Carvana, Tesla, Twist Bioscience and Moderna. Frazis believe the multiples of many technology stocks need to compress by 25-50% to re-enter normal valuation ranges. They noted this could happen quickly tomorrow or slowly over time. With this in mind, they are selectively holding companies that they expect to have 300 - 500% larger revenues in 3 - 5 years. Looking forward, the Fund will continue to be invested across its usual themes: Software, Solar & Renewables, Online Retail, Life Sciences, Fintech, Digital Health and companies that change the way people live.
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Performance Report: Bennelong Australian Equities Fund

23 Jul 2020 - Australian Fund Monitors

The Bennelong Australian Equities Fund rose +1.34% in June, taking FY20 performance to +6.24% against the ASX200 Accumulation Index's -7.68%. Since inception in February 2009, the Fund has returned +12.94% p.a. against the Index's...

23 Jul 2020 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date	23 July 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Australian Equities Fund
Strategy	Equity Long
Latest Return Date	June 2020
Latest Return	1.34%
Latest 6 Months	-2.40%
Latest 12 Months	6.24%
Latest 24 Months (pa)	4.23%
Annualised Since Inception	12.94%
Inception Date	30 January 2009
FUM (millions)	AU$575.63
Fund Overview	Bennelong Australian Equity Partners (BAEP) is a boutique asset manager offering Australian equities solutions for institutional and retail clients. The business was founded in 2008 by Paul Cuddy and Mark East, in partnership with Bennelong Funds Management. Prior to establishing BAEP, Paul and Mark were Co-Heads of Australian Equities at ING Investment Management. The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%.
Manager Comments	The Bennelong Australian Equities Fund rose +1.34% in June, taking FY20 performance to +6.24% against the ASX200 Accumulation Index's -7.68%. Since inception in February 2009, the Fund has returned +12.94% p.a. against the Index's annualised return of 9.26%. The Fund's up-capture and down-capture ratios for performance since inception, 128.2% and 96.3% respectively, highlight its capacity to significantly outperform in rising markets while not falling further than the market during the market's negative months. Over the June quarter the Fund returned 21.90% against the Index's +16.48%. The main positive contributors to quarterly performance were James Hardie, Breville Group and Fortescue Metals Group. Bennelong noted that, while these stocks were sold off in the market downturn in the previous quarter, their operating businesses have held reasonably well despite covid-related headwinds. The main detractors included CSL and Fisher & Paykel Healthcare, both of which are defensive stocks that significantly outperformed during the previous quarter's downturn but which subsequently underperformed during the June quarter's recovery. Bennelong maintain a reasonably balanced outlook for the market, trying not to be either too bullish or too bearish. They noted that, in this context, they continue to see good prospects for a continued recovery in the economy and market.
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Performance Report: Cyan C3G Fund

22 Jul 2020 - Australian Fund Monitors

The Cyan C3G Fund rose +0.5% in June, taking annualised performance since inception in August 2014 to +12.94% p.a. against the ASX200 Accumulation Index's annualised return over the same period of 5.22%.

22 Jul 2020 - Performance Report: Cyan C3G Fund

By: Australian Fund Monitors

Report Date	22 July 2020
Manager	Cyan Investment Management
Fund Name	Cyan C3G Fund
Strategy	Equity Long
Latest Return Date	June 2020
Latest Return	0.50%
Latest 6 Months	-16.74%
Latest 12 Months	-13.14%
Latest 24 Months (pa)	-5.99%
Annualised Since Inception	12.94%
Inception Date	24 July 2014
FUM (millions)	AU$35
Fund Overview	The Cyan C3G Fund operates as a wholesale unregistered managed investment scheme under a unit trust structure. The Fund primarily invests in ASX listed companies outside the ASX 100 and typically holds between 15-35 stocks. Cyan C3G Fund is based on the investment philosophy which can be defined as a comprehensive, clear and considered process focused on delivering growth. These are identified through stringent filter criteria and a rigorous research process. The Manager uses a proprietary stock filter in order to eliminate a large proportion of investments due to both internal characteristics (such as gearing levels or cash flow) and external characteristics (such as exposure to commodity prices or customer concentration). Typically, the Fund looks for businesses that are one or more of: a) under researched, b) fundamentally undervalued, c) have a catalyst for re-rating. The Manager seeks to achieve this investment outcome by actively managing a portfolio of Australian listed securities. When the opportunity to invest in suitable securities cannot be found, the manager may reduce the level of equities exposure and accumulate a defensive cash position. Whilst it is the company's intention, there is no guarantee that any distributions or returns will be declared, or that if declared, the amount of any returns will remain constant or increase over time. The Fund does not invest in derivatives and does not use debt to leverage the Fund's performance. However, companies in which the Fund invests may be leveraged.
Manager Comments	The Cyan C3G Fund rose +0.5% in June, taking annualised performance since inception in August 2014 to +12.94% p.a. against the ASX200 Accumulation Index's annualised return over the same period of 5.22%. The Fund's Sharpe and Sortino ratios for performance since inception, 0.76 and 0.95 respectively, by contrast with the Index's Sharpe of 0.32 and Sortino of 0.31, highlight the Fund's capacity to achieve superior risk-adjusted returns while avoiding the market's downside volatility over the long-term. Top positive contributors over the month were Quickfee and Kip McGrath. The largest detractor was Jumbo Interactive. Over FY20, top contributors included Quickfee, Swift Networks, Motorcycle Holdings, Afterpay, Alcidion, Atomos, Schrole and Big River. Key detractors included Victory Offices, Murray River Organics, AMA Group, Experience Co, Jaxsta, Raiz and CarbonXT. Cyan remain optimistic of ongoing positive returns, however, they noted they don't believe it's the time to be running a 'set and forget' portfolio.
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Performance Report: 4D Global Infrastructure Fund

21 Jul 2020 - Australian Fund Monitors

The 4D Global Infrastructure Fund ended the June quarter up +5.11%, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +3.57% and taking annualised performance since inception in March 2016 to +9.73%.

21 Jul 2020 - Performance Report: 4D Global Infrastructure Fund

By: Australian Fund Monitors

Report Date	21 July 2020
Manager	4D Infrastructure, a Bennelong boutique
Fund Name	4D Global Infrastructure Fund
Strategy	Infrastructure
Latest Return Date	June 2020
Latest Return	-2.04%
Latest 6 Months	-10.52%
Latest 12 Months	-4.45%
Latest 24 Months (pa)	7.72%
Annualised Since Inception	9.73%
Inception Date	07 March 2016
FUM (millions)	AU$146.42
Fund Overview	The 4D Global Infrastructure Fund aims to outperform the OECD G7 Inflation Index +5.5% p.a. over the long term by identifying quality listed global infrastructure securities, trading at or below fair value with sustainable, growing earning combined with sustainable, growing dividends. The fund will be managed as a single portfolio of listed global infrastructure securities including regulated utilities in gas, electricity and water, transport infrastructure such as airports, ports, road and rail as well as communication assets such as the towers and satellite sectors. The portfolio is intended to have exposure to both developed and emerging market opportunities, with country risk assessed internally before any investment is considered. The maximum absolute position of an individual stock is 7% of the fund.
Manager Comments	The 4D Global Infrastructure Fund ended the June quarter up +5.11%, outperforming its benchmark (OECD G7 Inflation Index +5.5%) by +3.57% and taking annualised performance since inception in March 2016 to +9.73%. The strongest performer in the portfolio in June was Indonesian toll road operator, Jasa Marga, up +24.4% as it rebounded from an oversold position as traffic starts to recover and the government pledges continued support for the growth of the sector. The weakest performer in June was German airport group, Fraport, down -13.2% as flights remain grounded, COVID-19 continues to spread and expectations of a return to normal travel environments get pushed out further. 4D believe the weak environment has been completely priced into the current share price. 4D noted infrastructure investment delivers a significant economic multiplier when capital is efficiently allocated. Their view is that the prospect of increased need for investment, together with stretched government balance sheets, will inevitably lead to a longer-term trend of increased privatisations and more investment opportunities in infrastructure for the private sector.
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Performance Report: Bennelong Twenty20 Australian Equities Fund

21 Jul 2020 - Australian Fund Monitors

The Bennelong Twenty20 Australian Equities Fund rose +2.23%, outperforming the ASX200 Accumulation Index by +8.59% over FY20. Since inception in November 2009, the Fund has returned +9.42% p.a. against the Index's annualised return of...

21 Jul 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund

By: Australian Fund Monitors

Report Date	21 July 2020
Manager	Bennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund Name	Bennelong Twenty20 Australian Equities Fund
Strategy	Equity Long
Latest Return Date	June 2020
Latest Return	2.23%
Latest 6 Months	-6.13%
Latest 12 Months	0.91%
Latest 24 Months (pa)	2.54%
Annualised Since Inception	9.42%
Inception Date	02 December 2015
FUM (millions)	AU$14.16
Fund Overview	The Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20. The Fund is managed as one portfolio but comprises and combines two separately managed exposures: 1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and 2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach. The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index. The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years.
Manager Comments	The Bennelong Twenty20 Australian Equities Fund rose +2.23%, outperforming the ASX200 Accumulation Index by +8.59% over FY20. Since inception in November 2009, the Fund has returned +9.42% p.a. against the Index's annualised return of +6.79% over the same period. The Fund's up-capture and down-capture ratios for performance since inception, 113.5% and 96.0% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. Over the June quarter, the Fund outperformed the Index by +4.23%. Bennelong noted the Fund's outperformance was entirely due to the ex-20 sleeve of the portfolio. The most notable positive contributor was James Hardie, while Afterpay was the main detractor. Bennelong remain reasonably balanced in their outlook for the market, trying to avoid being too bullish or too bearish. They noted they continue to see good prospects for a continued recovery in the economy and market.
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Performance Report: Bennelong Kardinia Absolute Return Fund

17 Jul 2020 - Australian Fund Monitors

The Bennelong Kardinia Absolute Return Fund outperformed the ASX200 Accumulation Index by +4.55% over FY20, maintaining an annualised volatility over the past 12 months of 8.19% against the Index's 25.39%. Since inception in May 2006, the...

17 Jul 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

By: Australian Fund Monitors

Report Date	17 July 2020
Manager	Kardinia Capital, a Bennelong boutique
Fund Name	Bennelong Kardinia Absolute Return Fund
Strategy	Equity Long/Short
Latest Return Date	June 2020
Latest Return	-2.13%
Latest 6 Months	-0.81%
Latest 12 Months	-3.13%
Latest 24 Months (pa)	-3.88%
Annualised Since Inception	8.36%
Inception Date	01 May 2006
FUM (millions)	AU$56.92
Fund Overview	The Fund consists of a concentrated long/short portfolio typically comprising 20 to 50 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. On average since inception the Fund's exposure has averaged 40% net long. There is a slight bias to large cap stocks on the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. On the short side, the portfolio is particularly concentrated, with stock selection limited by both liquidity and the difficulty of borrowing stock in smaller cap companies. Short positions are only taken when there is a high conviction view on the specific stock. The Fund uses derivatives in a limited way, mainly selling short dated covered call options to generate additional income. These typically have less than 30 days to expiry, and are usually 5% to 10% out of the money. ASX SPI futures and index put options can be used to hedge the portfolio's overall net position. The Fund's discretionary investment strategy commences with a macro view of the economy and direction to establish the portfolio's desired market exposure. Following this detailed sector and company research is gathered from knowledge of the individual stocks in the Fund's universe, with widespread use of broker research. Company visits, presentations and discussions with management at CEO and CFO level are used wherever possible to assess management quality across a range of criteria. Detailed analysis of company valuations using financial statements and forecasts, particularly focusing on free cash flow, is conducted. Technical analysis is used to validate the Manager's fundamental research and valuations and to manage market timing. A significant portion of the Fund's overall performance can be attributed to the attention and importance given to the macro economic outlook and the ability and willingness to adjust the Fund's market risk.
Manager Comments	The Bennelong Kardinia Absolute Return Fund outperformed the ASX200 Accumulation Index by +4.55% over FY20, maintaining an annualised volatility over the past 12 months of 8.19% against the Index's 25.39%. The Fund's down-capture ratio of 30.62% over the past 12 months indicates that, on average, the Fund captured only 30% of the Index's downside, highlighting its defensive nature. Since inception in May 2006, the Fund has returned +8.36% p.a. with an annualised volatility of 7.20%. By contrast, the Index has returned +5.29% p.a. with an annualised volatility of 14.44% over the same period. Key positive contributors included Commonwealth Bank, JB Hi-Fi, Alumina, Ramelius and REA Group. Key detractors included Virgin Money, Vicinity Centres, Worley and City Chic. Given the major rally in the market, the Short Book was the major detractor from performance this month (-218 basis points). Kardinia reduced the Fund's net equity exposure from 71.3% to a net short position of -4.0% (62.6% long and 66.6% short), with the key change being a significant increase in the Fund's short position in Share Price Index Futures (SPI). Kardinia noted they use SPI to reduce net exposure when they see shorter-term risk as it allows them to keep the long book largely intact whilst protecting the downside. Other key changes to the portfolio included new long positions in Boral, Kogan, Macquarie Group, West African Resources and Zip. Kardinia noted that, with central banks globally attempting to set the shape of the yield curve lower, they believe investors will continue to move capital into equities to chase yield in a world seemingly devoid of such opportunities.
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Fund Review: Bennelong Twenty20 Australian Equities Fund June 2020

17 Jul 2020 - Australian Fund Monitors

The latest Fund Review on Bennelong Twenty20 Australian Equities Fund is now available. The Fund invests in ASX listed stocks, combining an indexed position in the Top 20 stocks with an actively managed portfolio of ex-20 stocks.

Fund Review: Insync Global Capital Aware Fund June 2020

16 Jul 2020 - Australian Fund Monitors

Latest Fund Review on Insync Global Capital Aware Fund is now available. The Global Capital Aware Fund invests in a concentrated portfolio of 15-30 stocks, targeting exceptional, large cap global companies with a strong focus on dividend...

Fund Review: Bennelong Long Short Equity Fund June 2020

16 Jul 2020 - Australian Fund Monitors

Latest Fund Review for the Bennelong Long Short Equity Fund is now available. The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large-caps from the ASX/S&P100 Index...

Performance Report: Gyrostat Absolute Return Income Equity Fund

15 Jul 2020 - Australian Fund Monitors

The Gyrostat Absolute Return Income Equity Fund rose +1.59% in June. Over FY20, the Fund delivered equity income of 6.0% from dividends and franking credits while outperforming the ASX200 Accumulation Index by +20.05%. Since inception in...

15 Jul 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund

By: Australian Fund Monitors

Report Date	15 July 2020
Manager	Gyrostat Capital Management
Fund Name	Gyrostat Absolute Return Income Equity Fund
Strategy	Equity Income
Latest Return Date	June 2020
Latest Return	1.59%
Latest 6 Months	9.83%
Latest 12 Months	12.37%
Latest 24 Months (pa)	9.70%
Annualised Since Inception	5.19%
Inception Date	10 December 2010
FUM (millions)	AU$12
Fund Overview	Gyrostat's absolute return income equity fund is designed to combine protection, returns and regular income through all stages of the investment cycle (including large market falls). The investment objective is to deliver regular and stable income stream (from ASX20 dividends) in a low interest rate environment with capital security - a 'highly-defensive' asset class. Gyrostat has operated for 38 consecutive quarters within a 'hard' pre-defined risk parameter (no more than 3% capital at risk with the Fund's maximum draw-down 2.2% in any circumstances) always in place, delivering regular income by passing through ASX-20 dividends, and meeting returns guidance based upon market conditions (demonstrating increasing returns with market volatility). The Fund buys and holds ASX-20 and international assets with lowest cost protection always in place with upside. It is a conservative asset allocation. Note that Gyrostat have expanded their international assets within the Fund to include SP500, FANGS, Nikkei, Hang Seng, MSCI China, MSCI Developed and Developing markets. Advances in investment risk management enable cost-effective protection to always be in place for a 'hard' defined risk parameter (say no more than 3% capital at risk). Returns are designed to increase as volatility levels increase, as this provides more opportunities to lower protection costs. Investment Objectives: - Returns: 6% - 8% pa in trending markets, greater than 8% pa in volatile markets, BBSW90 + 3% in stable markets - Income: Minimum cash rate + 3% paid semi-annually (currently 4.0% p.a.) from dividends and franking credits - Protection: No quarterly NAV draw-downs exceeding 3% Also includes a 'tail hedge' for gains on large market falls.
Manager Comments	The Gyrostat Absolute Return Income Equity Fund rose +1.59% in June. Over FY20, the Fund delivered equity income of 6.0% from dividends and franking credits while outperforming the ASX200 Accumulation Index by +20.05%. Since inception in December 2010, the Fund has returned +5.19% p.a. with an annualised volatility of 4.22%. The Fund has operated for 39 consecutive quarters with a 'hard' pre-defined risk parameter in place (no more than 3% of capital at risk and a maximum drawdown of 2.2% regardless of market conditions). The Fund also includes a 'tail hedge' for gains on large market falls. This was particularly beneficial to the Fund during February (Fund: +3.27%, ASX200 TR: -7.69%) and March (Fund: +5.80%, ASX200 TR: -20.65%), and contributed significantly to the Fund's outperformance over the Financial Year. Gyrostat noted market conditions in June enabled them to enter additional positions with the aim of increasing returns on any uplift in market volatility. The Fund's strategy allows for up to 15% of assets to be invested in international assets, with positions in the S&P500, NASDAQ, Hang Seng, MSCI Developed and emerging markets (among others). Gyrostat anticipate increasing levels of 'late cycle' market volatility given elevated geopolitical tensions, historically high debt levels and elevated valuations.
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24 Jul 2020 - Performance Report: Frazis Fund

23 Jul 2020 - Performance Report: Bennelong Australian Equities Fund

22 Jul 2020 - Performance Report: Cyan C3G Fund

21 Jul 2020 - Performance Report: 4D Global Infrastructure Fund

21 Jul 2020 - Performance Report: Bennelong Twenty20 Australian Equities Fund

17 Jul 2020 - Performance Report: Bennelong Kardinia Absolute Return Fund

17 Jul 2020 - Fund Review: Bennelong Twenty20 Australian Equities Fund June 2020

16 Jul 2020 - Fund Review: Insync Global Capital Aware Fund June 2020

16 Jul 2020 - Fund Review: Bennelong Long Short Equity Fund June 2020

15 Jul 2020 - Performance Report: Gyrostat Absolute Return Income Equity Fund

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